HOW BLOCKCHAIN CAN BE USED TO TACKLE CORONA VIRUS USING ALGORAND

barineka (56)in #algorand • 5 years ago (edited)

As Covid-19 virus ravages the world, its time for blockchain projects to look into integrating their blockchain usecases in solving problems. We have seen a high increase in technology like IOT, Machine language, Artificial intelligence, Blockchain Technology, in order to create better and more efficient application an services.

What is Blockchain technology?

Blockchain technology is renowned for its high privacy and security credentials. A blockchain may be a decentralized, distributed, and oftentimes public, digital ledger that record transactions across many computers in order that any involved record can't be altered retroactively, without the alteration of all subsequent blocks. Wikipediaen.wikipedia.org › wiki

The success of crypto is not just based on competition, it also calls for the industry to be united towards the common good even as governments tackle the coronavirus, voices against privacy infringement are rising as well, false data, mismanagement of public funds etc.

Blockchain technology provides a lot of services in the following industry;

• Loans origination
• digital identitites
• Trace and tracking solutions
• Supply chain.

HOW TO CONTROL THE PANDEMIC USING BLOCKCHAIN TECHNOLOGY(Algorand)

Control of this pandemic requires unusual steps that must be measured and limited to the scope of the outbreak to prevent overeach. So in this article we would be looking at the Algorand Foundation as a case study how it can be used to control the pandemic.

Algorand Foundation:

A technology company dedicated to removing friction from financial exchange. Algorand foundation is disrupting the DeFi (Decentralized Finance) technology by enabling the creation and exchange useful, building new financial tools and services, bringing assets on-chain and providing responsible privacy model.

The valuable advantages of Algorand on DeFi are highlighted below but not limited to those ones. It makes provision for:

▪︎ Scalability and Interoperability.
▪︎ Democratized access to investments.
▪︎ Pure Proof-of-Stake Consensus Protocol.
▪︎ Atomic transfers with negligible fees etc.
▪︎ Disintermediate cross border transactions that will take care of settlements and remittances.
▪︎ Asset tokenization (cryptocurrencies, stable coins, regulatory certifications, loyalty points, real estate etc)

How FlexID using Algorand, can help tackle Corona Virus in Africa:

FlexID, aims to facilitate the recording of over 400 million digital identities across Africa, using nothing but just a mobile phone. the innovative platform allows financial institutions, insurance companies, healthcare providers and all other government departments to quickly access the personal data they need to provide services.

FlexID allows users to access a wide range of services from bank account registrations, to loan applications or even driver’s license renewals, without visiting a physical branch. Users simply register using a USSD code or WhatsApp for free. By using Algorand’s blockchain platform, FlexIDs are made to be tamper-proof and self-sovereign, meaning no organisations can access a user’s information without gaining permission from the individual, and the user has full control over their data.